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Seventh Circuit Holds That a Plan Amendment Does Not Violate ERISA's Anti-Cutback Rule
ERISA Lawyer Blog Link to more items from this source
[Guidance Overview]
Nov. 13, 2009
Excerpt: In Wetzler v. Illinois CPA Society & Foundation Retirement Income Plan, No. 08-2923 (7th Cir. 2009), the plaintiff, Thomas Wetzler, wanted a lump-sum payment of his entire retirement benefit from the Illinois CPA Society & Foundation Retirement Income Plan (the 'Plan'). The Plan is a tax-qualified defined benefit pension plan. The plaintiff was a highly compensated employee. The Plan had always allowed lump-sum payments. However, prior to the plaintiff's retirement, the Plan had been amended to reflect certain provisions of the Internal Revenue Code (the 'Code') and the underlying Treasury regulations, under which the Plan could not make a lump- sum payment to certain highly compensated employees, such as the plaintiff, when the Plan is not sufficiently funded (the 'Amendment'). At the time of the plaintiff's request for a lump-sum payment, there were not enough assets in the Plan to cover this payment.

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